Bitdeer plans to buy back shares worth up to $2 million

Quick Take

  • The Nasdaq-listed bitcoin mining firm said it may fund repurchases from its existing cash balance.

Singapore-headquartered bitcoin mining firm Bitdeer Technologies, founded by Jihan Wu, plans to buy back its shares worth as much as $2 million. The Nasdaq-listed company said in a statement on Thursday that its board of directors has approved a new share repurchase program effective through April 17, 2024.

Under the program, the company said that it may buy back its shares through various ways, “including open market transactions, privately negotiated transactions, any combination thereof or other legally permissible means.”

Bitdeer explained that it plans to fund repurchases from its existing cash balance. “By gradually executing the share repurchase program, Bitdeer seeks to minimize the impact on its share price and generate greater long-term returns for its shareholders,” the company added.

Bhutan operations remain ‘robust’

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In a separate statement released earlier this month, Linghui Kong, chief executive officer of Bitdeer, said that the company mined 482 bitcoins alone in September through its self-mining business — up 25.8% from the previous month and nearly triple the number from the same period last year.

“This increase came as our recently constructed 100MW Gedu mining datacenter in Bhutan maintained stable operations during the full month of September,” Kong added. “During September, 217 Bitcoins were mined at the Gedu mining datacenter, which was approximately 45% of our total Bitcoin being mined for the month.”


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About Author

Timmy Shen is an Asia editor for The Block. Previously, he wrote about crypto and Web3 for Forkast.News from Taiwan after spending more than three years in Beijing covering finance and current affairs at Caixin Global and Chinese tech at TechNode. His China-related reporting has also appeared in The Guardian. When he's not chasing headlines, you'll find him savoring hot pot and shabu shabu in a Taipei local haunt. Timmy holds an MS degree from Columbia University Graduate School of Journalism. Send tips to [email protected] or get in touch on X/Telegram @timmyhmshen.